With every two-wheeler comes the need for bike insurance. Getting bike insurance ensures the safety of both you and your vehicle. However, with the insurance policy, there is attached the responsibility of remembering the date of renewal. Given the busy routine, every individual is involved in, remembering a specific date like renewal of your bike insurance policy can be easily forgotten.
A lapse in the renewal of your policy can put additional pressure on your wallet. One of the ways to overcome this problem is to go for a multi-year two-wheeler insurance policy.
By opting for a multi-year insurance policy, you do not have to renew your policy at the end of each calendar year. Apart from that, a multi-year policy is more advantageous than a basic yearly policy.
Features Of Multi-Year Two Wheeler Insurance Policy
In a multi-year insurance policy, you get a wide range of features which makes this policy a more dynamic one than its counterpart.
1. Insurance Cover For The Bike And The Rider
Many insurance policy providers include not only the third-party liability policy but also an insurance cover for the bike and rider itself. This ensures that in an accident where both parties are involved, damage cover can be claimed from both sides.
By getting hands-on on a multi-year policy, you can ensure the safety of your bike for a long period of time.
2. Insurance Cover For The Pillion Rider
Just as the safety of the rider and his bike are ensured with a multi-year bike insurance policy, so it goes for the pillion rider. This frees the rider from taking any personal financial responsibility for the pillion rider after an accident.
3. Online Issuing Of The Policy
Now, one can easily apply for multi-year bike insurance without needing to go anywhere. This has been made possible through the online facility which many insurance companies and third parties service providers offer. The same can be said for the renewal of the policy. For instance, if your policy stands for 3 years, you can renew it at the right time just with the help of your mobile phone.
4. Cashless Claim
Once met with an accident, your bike may not be in a condition to be carried for further use. In such situations, waiting for the insurance claim to be accepted and the money to be sent into your account can be a long process. In the meanwhile, either you will have to pay on your own or wait it out till you get the money.
However, with the option of cashless claim in a multi-year insurance policy, you can easily get your vehicle repaired at the nearest garage. This is because most insurance companies that offer multi-year insurance policies also provide cashless claim settlement facilities bundled with the insurance policy itself. Just make sure that the garage network you visit comes under your bike insurance policy.
Benefits Of Multi-Year Two Wheeler Insurance Policy
By getting a multi-year bike insurance policy, you can easily enjoy several benefits which, apparently, remain absent in a yearly insurance policy. Some of the benefits of a multi-year two-wheeler policy are as follows:
- A multi-year bike insurance policy saves you money. For a regular yearly policy, you have to renew your policy year and this involves a renewal cost. But with a multi-year policy, such a yearly expenditure can be easily avoided. Besides, many insurance providers will give you discount offers for a multi-year policy.
- The headache of renewing your policy each year becomes nullified with a multi-year policy. You do not have to fret over how many days are remaining to renew your policy. Get a multi-year policy and be relaxed for a long time.
- There might be a case that you keep taking your bike out after forgetting to renew your bike insurance policy. Not only will it be a violation of traffic laws but can also cost you a lot. Therefore, by taking a multi-year policy, the risk of getting into this undesirable position can be mitigated to a great extent.
- The problem with an annual bike insurance policy is that with a single claim in any year, the No Claim Bonus (NCB) of an insurer will go down to zero percent. No such thing happens in a multi-year bike policy. Depending on the insurance structure, you will still be eligible for NCB despite making a claim in the preceding year. For this, however, you have to purchase an NCB protection add-on cover. But you don’t need to renew it every year like it is done with a standard annual insurance policy.
- If you want to cancel your multi-year insurance policy, it can easily be done. Moreover, you will get a refund for the unutilized period as well as the NCB accrued up to the present time.
Clearly, the multi-year bike insurance policy reigns supreme over the annual insurance cover. So, it goes without saying that you should go for it. There are many insurance companies and third parties providing competitive two-wheeler policies.
All you have to do is compare plans and choose the one most suitable for your needs. Once you have made up your mind, you can rest assured for a long period about the safety of your bike without needing to worry about the renewal period anytime soon.